Examlex
Explain how auditors decide whether or not a misstatement they encounter in the financial report is material. For example, in auditing ZZZ Pty Ltd, it is discovered stock is overstated by $300 000. Is this material?
Merchantable
A standard in sales law indicating that goods are fit for the ordinary purposes for which such goods are used.
Average, Fair
An assessment or rating that denotes something as being within an acceptable or middle range of quality or value.
Medium-Grade Quality
Describes products or materials that meet a standard of performance or durability that is considered average or moderate in comparison to others.
Breach of Warranty
The failure to fulfill the terms of a promise, guarantee, or warranty in a contract, leading to potential legal action for damages.
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